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Answers
to Commonly Asked Questions about Buyer Agents
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Q: Can any real estate agent be a buyer's agent?
A:
Yes, any licensed real estate agent in Florida may be a buyer's agent.
However, before you hire an agent, check the experience that the agent
has in buyer agency transactions.
Q:
The last time I bought a home I believe that my agent really looked out
for me. Why would anything be different today?
A:
In the past, there was a lot of bending of the rules. Agents believed
that they had to take some risks in order to obtain referrals and future
business from you. In today's litigious environment, however, real
estate agents are much more cautious. The only way to get an agent on
your side is to hire a buyer's agent.
Q:
If this is so good for the consumer, why aren't all real estate agencies
offering buyer agency?
A:
Companies across the country are changing their methods of doing
business to accommodate the increasing interest in buyer agency.
However, buyers need to be cautioned that many agents have not been
properly prepared and that buyers should check for the experience and
industry designations of
the agent before signing a contract with the
agent.
Q:
Won't I get a better deal if I buy directly from the listing agent?
A:
NO. The listing agent owes his or her loyalty to the seller and cannot
legally help you get a better deal. Although some buyers believe that
the listing agent should be willing to take a lower commission because
he or she does no have to share with another agent, they fail to
consider that the listing agent has twice the amount of work if there is
not another agent available to help, so the listing agent may still not
be willing to give up commission.
Q:
What other differences can I expect from a buyer's agent?
A:
When you hire a buyer's agent, the entire home finding process should change. Rather that trying to sell you on the good points
of the properties you are looking at, a buyer's agent will help you
discover all the negatives of the home. A buyer's agent should also
prepare a contract that offers the buyer better terms and conditions and
that suspends dates for settlement and moving that favor the buyer. A buyer's agent will also look more diligently for a home for you and
should open up additional home finding possibilities for you, such as
for-sale-by-owner properties and properties not yet on the market. A
buyer's agent will protect your interests should any problem arise
during home inspections and will negotiate in your best interests any
time there is a need to reopen contract negotiations.
Q:
Can my agent list my home and also be my buyer agent?
A:
Yes, some buyer agents work with both buyers and sellers and those who
do not list homes will usually refer you to an agent to help you market
your home. Be certain, however, that if the same agent lists your home
and helps you find another that you have signed a buyer agency agreement with the agent and that you have checked to make sure that the agent is
proficient in handling both. The only exception is listed below
under transaction agent.
Q: Are there different agencies in Florida?
A: Yes, an agent can be a Buyers Agent, a Sellers Agent, or a
Transaction Agent.
Q: What is the
difference?
A:
A Buyers Agent works for the buyer only 100% of the time.
A Sellers Agent works for the seller only 100%
of the time.
A Transaction Agent works for the transaction
on the table at the time. When a buyers agent shows a property
listed by another agent in the same office as the buyers agent, the buyers agent becomes a transaction agent for that showing only.
Since both agents work for the same broker, the state of Florida says
you have to work as a transaction broker for this one deal. The
reason for this change is that in case you overhear something about the
deal in the office, you are not allowed to disclose it to either the
buyer or seller. You have to remain neutral and work for the
transaction only in this one deal.
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